BUSINESS 101: HOW AND WHY THE STRATEGY OF YOUR BUSINESS MATTERS TO YOU AND ALL THAT YOU DO NOARK Certification Committee Lecture Series

C-SUITE REALITIES Are you invited to the top-level executive meetings? Do you have a role in the Strategic Planning process? Think about the role you have in your organization.

GENERAL BUSINESS TYPES Publically Owned for Profit LLC PLLC Subchapter S Corp Incorporated Privately Owned for Profit Not for Profit Municipality State Government Federal Government

GENERAL PURPOSE OF BUSINESS Make Money and Hopefully Make a Profit Continuance Growth and Expansion Serve a Purpose Meet a Societal Need Provide a needed Service Fill a gap

HOW DOES AN IDEA BECOME A BUSINESS ? An Entrepreneur accepts risk and develops an idea An operating structure is determined The Business Concept is developed A STRATEGIC Plan is created Land, Labor, Capital considerations are made Obtain investors or financing sources Find a Geographical Base or Domain Adopt an Organization Structure Begin recruitment

FUNCTIONAL COMPETENCY Handle the Money – Finance and Accounting Support the People – Human Resources Control of Operations – Operations Management, Engineering and Quality Systems Care of Workers – Safety Programs Buying Raw Material – Procurement Delivery of Product – Logistics Data Management – Information Technology Resource Preservation – Risk Management Regulatory Compliance – Legal Team, Each Functional Area Building for the Future – Training and OD Strategic Planning for the Future – Leadership Team, C-suite

THE VISION What do you want to become ?

THE MISSION What are you going to and how? Where are the markets? How will it meet the need of the customers? Answer the question “ What is our Business?”

SWOT ANALYSIS Strengths Internal Weaknesses Internal Opportunities External Threats External

ENVIRONMENTAL SCANNING Economical Conditions Growth Declining Market Surplus or Shortage of Material Employment Environment of the Area Significant competition of skilled labor Recent business closures Availability of Skills Current Future Training Sources i.e., colleges, universities, vocational schools

ALIGNMENT Share Strategies Seek associate involvement in planning Help Associates take ownership Communicate Successes Encourage exchange of information

VALUES Transparency Work towards the common good Ethical Social Responsibilities Support Family

CULTURE Open Communications Avoid Bureaucracy Assist associates in career development Build engagement with involvement

BUSINESS ACUMEN ESSENTIALS Business acumen is keenness and quickness in understanding and dealing with a business situation in a manner that is likely to lead to a good outcome. Can make sense out of complexity Able to anticipate the effects on others when implementing actions Consistently exercises good judgement Exceptional with handling practical matters Focus on driving shareholder value Ability to inspire and excite the organization to achieve its potential Effective use of management processes: planning, organizing, leading and controlling

BUILDING BUSINESS ACUMEN Be aware of your current capabilities and possible shortcomings Learn about your key competitors Make sense out of complex and dynamic markets Be mindful of apparent opportunities and probable risks Outline your path to success Understand what it will take to move the organization alomg this path of success Allow for modifications in light of the thinking and analysis of others Seek buy-in and support Commit to action Be resilient in the face of success or failure, be ready to change as necessary

QUESTIONS

BUSINESS 101: HOW AND WHY THE STRATEGY OF YOUR BUSINESS MATTERS TO YOU AND ALL THAT YOU DO NOARK Certification Committee Lecture Series